MOSCOW (Sputnik) — The NDB was created in July 2014 by an agreement between BRICS member states to mobilize resources for infrastructure and sustainable development projects. The countries also agreed to establish a $100-billion liquidity reserve to maintain the bank's financial stability.
"The new bank is open for inclusion of any country. The activity of the bank has an open character. However, it is not topical right now, as its activities, the bank will be launched after the Ufa [BRICS] summit. Of course, it is necessary to see how the bank will function," Russian presidential aide Yuri Ushakov told reporters.
Five major developing economies – Brazil, Russia, India, China and South Africa – envisage their venture as an alternative to existing global financial institutions, including the International Monetary Fund (IMF), one of Greece’s three main creditors.